WSJ: A Lack of Flare: In the oil-rich Niger Delta region of Nigeria, petroleum companies use giant torches to burn off natural gas found with deposits of crude oil. The decades-old industry practice, known as flaring, has long been criticized as wasteful and harmful to the environment because of the carbon dioxide it releases into… Read More »
From Vanguard: Nigeria’s excess crude account has dropped from $20 billion (N3.004 trillion) at the beginning of the year to $11.2 billion (N1.646trn) in June. This implies that in the last six months, the various tiers of government in the federation have shared a total of $9bn (N1.323tr) from that account. This use of the… Read More »
Sometime ago I wrote a post about my efforts to understand the Nigerian oil industry. Some Next reporters have done an article on their efforts to understand the industry. Nobody seems to know how much Nigerian exports, or how much it makes from oil: Even a cursory check by NEXT has revealed that various agencies… Read More »
Ogho Okiti of BusinessDay has a nice analysis: How about another $5 billion for subsidy? Thanks to soaring crude oil prices, we are receiving significant amount of income from crude oil exports. Never mind that the government and the economy would have been in so much trouble by now, underlined by significant short fall in… Read More »